Probably asked thousand x's, but need CC highest limit

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chicagocubs222
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Probably asked thousand x's, but need CC highest limit

Postby chicagocubs222 » Tue Oct 11, 2016 11:42 am

Hi all. new here. heres my situation. I have a small business, that rapidly grew into a 300k a year revenue business in just the 2nd year,and growing fast. Problem is, I took out a kabbage loan and then a paypal working capital loan to jump start the biz, and to pay for a national trade show. those investments worked, however, I still have the working capital loan (dont do these as tempting as they are). I got 22k from paypal instantly. BUT they take out 10% daily from sales. so a 50-60k average month, 5-6k goes to paypal. thats HUGE and is near my profit margin of net profit. so im on a razor thin wire. factor in the kabbage loan of a few grand a month. im completely strapped.

NOW, its affecting my purchasing power of inventory, after I had the momemtum from the trade show, national advertising, and established business and reputation. I need the inventory to continue sales. I still owe a vendor, which is capping my purchasing ability, as all profits are going to pay back these loans.

I need a bridge. the good news is the sales are great, its paying down the working capital, that goes away by end of year in my estimation based on forecasting sales and products during holiday season. bad news is, im not left with much to do anythingwith the business.

So, I want to get another business card, and/or personal.

i have a capital one spark card with like 3000 limit, its at 50% usage, and a personal card $5500 also about 50%. I plan to pay them down here in the next week, and start applying. my credit score should be near 700 based on the credit karma models and paying down credit.

perfect payment history on the credit cards, student loans.

My personal income is $250,000 a year 2015, already surpassed that in 2016, and shows on my tax returns. 1099 employee, real estate broker. i have extremely low DTI with just the 2 cards, and student loan of 175 month. so if i pay down these cc's balances. i should be sitting pretty for a good card correct?

so, what do you THINK woudl be best for me to look at. ones known for higher limits given. I could use 5k, that'd be perfect.

also. business cards, whats their process online, just yearly revenue and statements or what? my business is 100% ecoomerce through paypal. and its not ebay.

thanks all!


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PhillyPhoto
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Re: Probably asked thousand x's, but need CC highest limit

Postby PhillyPhoto » Wed Oct 12, 2016 8:26 am

I believe Visa Signature cards have a $5k min and Visa Infinite (think Chase Sapphire Reserve) have a $10k min. Keep in mind, it may take up to a month for the payments to actually post to your reports. Don't just go with credit karma since that's not a true FICO score, try sites like creditscorecard.com and Experian has an app now to track your FICO score, and even Cap One has a score tracker (not sure if it's available on the business card side). Your personal card (if it's not Cap One) might have a score tracker as well.

I don't know much about business cards, as I don't have any, but I have read Chase is pretty easy to get, so you might consider the Ink+ from them. They have a 60,000 UR sign up bonus, so that's a decent deal if you ever pick up a Sapphire card (Preferred of Reserve).
Main Cards:
Amex: Ameriprise Plat, Surpass
Chase: Hyatt

Sock drawer Cards:
Amex: HHonors
Chase: Amazon Rewards, Freedom
Citi: Macy's Amex, Simplicity, ThankYou
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal

755 Eq (12/16)|748 TU (12/16)|726 Ex (1/17)

chicagocubs222
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Re: Probably asked thousand x's, but need CC highest limit

Postby chicagocubs222 » Wed Oct 12, 2016 11:49 am

PhillyPhoto wrote:I believe Visa Signature cards have a $5k min and Visa Infinite (think Chase Sapphire Reserve) have a $10k min. Keep in mind, it may take up to a month for the payments to actually post to your reports. Don't just go with credit karma since that's not a true FICO score, try sites like creditscorecard.com and Experian has an app now to track your FICO score, and even Cap One has a score tracker (not sure if it's available on the business card side). Your personal card (if it's not Cap One) might have a score tracker as well.

I don't know much about business cards, as I don't have any, but I have read Chase is pretty easy to get, so you might consider the Ink+ from them. They have a 60,000 UR sign up bonus, so that's a decent deal if you ever pick up a Sapphire card (Preferred of Reserve).


cool, thanks alot for the insight.



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